Dow Inc.

Dow is primarily a price‑taker across olefins, polyolefins and many intermediates. In 2025, local price fell year‑over‑year across segments and volumes softened with lower operating rates. Specialty businesses can pass through costs with a lag, but the consolidated margin structure remains cyclical and competitive.

Management’s path to margin improvement is mainly cost and mix, not list price increases: $2 billion of operating EBITDA uplift from efficiency and simplification plus footprint rationalization. Over a full cycle, advantaged assets can sustain above‑average spreads, but evidence of latent, controllable pricing power is limited.

Pending Path2Zero may one day enable premium, low‑emissions PE, but the market’s willingness to pay is unproven at scale.